Gina Rinehart has held on to the top spot on Forbes Asia's annual Australian rich list despite falling iron ore prices eating into her $16.41 billion mining fortune.

The latest who's who of Australia's wealthy types revealed that while $965.39 million had been knocked off Mrs Rinehart's estimated fortune in 2012, she remained leagues ahead of her compatriot billionaires.

Casino operator James Packer recorded the biggest leap in fortune, with his net worth increasing by $1.45 billion to $5.79 billion.

Mr Packer was Australia's third wealthiest person after his fortunes swelled thanks to the $1.94 billion sale of Cons Media - his family's last major media asset - to Rupert Murdoch's News Corp.

Forbes described 2012 as the year when the Crown casino group chairman, and the youngest person on the list at 45, "came into his own".

Others weren't so fortunate.

Nathan Tinkler vanished from the list after having claimed the 26th spot in 2011 with a fortune of $801.27 million.

The 36-year-old had made the front page of Forbes Asia magazine last year amid expectations he was about to become a billionaire after his Aston Resources merged with Whitehaven Coal.

But the price of coal sank, along with Tinkler's fortunes.

He is now fending off a range of creditors, who claim he owes about $700 million.